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October 16, 2019
12:55 pm
John H
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Just went through 2 weeks of follow up trying to successfully link an external account. The account was listed as linked, however it was not displayed when I tried to complete a transfer. The B2B technical team today advised the problem was a (') in the nickname - special characters are not allowed. They edited that character out and the problem is solved. It seems that B2B are working out some bugs in this new service.

October 16, 2019
4:40 pm
speedwagen
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I can confirm beyond the shadow of a doubt that the issue lies with B2B. My wife & I both requested reports from Equifax & after some minor corrections to both, the outcome remains unchanged.

The matter was escalated to the highest levels & despite being aware of the issues raised, they contend the issue lies with Equifax, which we now know not to be the case. Equifax conversely contends the opposite.

Despite acknowledging that they should have other verification measures at their disposal, which they purport to be working on, I have to believe that they're either incompetent & have screwed-up their verification software, they've got some built-in algorithm a la Tang in their software for excluding unwanted guests or it's merely a lottery.

Personally, in light of the fact that those that get in do so without fuss & those that don't consistently & repeatedly go nowhere (other than those like Bill who inadvertently made a mistake the 1st time), I think it's deliberate. To some banks, being financially pristine ain't good enough - welcome to the new world of banking!

October 16, 2019
5:00 pm
Bill
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speedwagon, I wouldn't be surprised. Maybe businesses are increasingly using technology to weed out those with low CLV, maybe here-today gone-tomorrow inveterate rate chasers in this case (after all, a 3.3% rate is sure to bring out the ratechasers), or other folks with a history that indicates they are going to use a disproportionate amount of time/resources vs the profits to be generated from them. Certainly what I'd be doing if I ran a business, cultivate those who are worth it and repel those who aren't, and identify that with tech asap. Or maybe it's true that they've just got some bugs, certainly feels like that too.

October 16, 2019
5:36 pm
Londonguy
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Bill said
speedwagon, I wouldn't be surprised. Maybe businesses are increasingly using technology to weed out those with low CLV, maybe here-today gone-tomorrow inveterate rate chasers in this case (after all, a 3.3% rate is sure to bring out the ratechasers), or other folks with a history that indicates they are going to use a disproportionate amount of time/resources vs the profits to be generated from them. Certainly what I'd be doing if I ran a business, cultivate those who are worth it and repel those who aren't, and identify that with tech asap. Or maybe it's true that they've just got some bugs, certainly feels like that too.  

It sure wouldn't be the first time that a business or institution tried to automate a decision-making process and then rolled out their system too early before it was properly vetted. It's never a good idea to make the customer base your unknowing beta testers.

Hopefully B2B is learning from all this, because their rep is taking a pretty big hit

October 16, 2019
5:55 pm
Inxses
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The $100 pull I initiated from b2b yesterday showed up right away in my account and the withdrawal from the other FI went through this afternoon. There's still a hold on it of course, will see how long it takes to clear.

October 17, 2019
8:14 pm
harbottle
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Inxses said
The $100 pull I initiated from b2b yesterday showed up right away in my account and the withdrawal from the other FI went through this afternoon. There's still a hold on it of course, will see how long it takes to clear.  

The hold period is 5 days, not 3 days as @hwyc mentioned previously.

October 17, 2019
9:05 pm
maGIC
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maGIC said
I have read all the comments about issues opening an account, but the 3.3% savings account has my attention. So, I just now went through the process of opening an account. I had no issues and have linked an existing account at another institution. The message i received is that B2B will make 2 small deposits to my linked account within 48 hours. I have a log in that works and takes me to my hi interest savings account that has a current balance of $0.00
I should know in a few days if the linking works.  

Just to update... I originally tried to link to a line of credit joint account at one of the big 5. That link has not received any connecting deposits. I linked a second account (a Simplii joint chequing account) and that account has connected and is now linked. Not sure why line of credit didn’t work, I have had no issues connecting the same account to several other institutions. I use it as a hub connection, in the event of an overdraft the only fee is the line of credit rate (prime plus 1%...used to be prime). I keep a positive balance at all times in my line.sf-smile

October 18, 2019
5:16 am
hwyc
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harbottle said

The hold period is 5 days, not 3 days as @hwyc mentioned previously.  

@harbottle When you say 5 days, is it from B2B written somewhere ?

My IIFT deposit is available after 3 business days (while balance goes up day zero)

  • 191011 Fri (pull initiated on B2B HISA)
  • 191014 Mon (Thanksgiving Monday)
  • 191015 Tue (amount withdrawn on linked FI)
  • 191016 Wed (amount not available)
  • 191017 Thu (amount not available)
  • 191018 Fri (amount available on 4th day)

For comparion, EQ will be longer. Funds available on the 6th day.

October 18, 2019
12:59 pm
speedwagen
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Bill said
speedwagon, I wouldn't be surprised. Maybe businesses are increasingly using technology to weed out those with low CLV, maybe here-today gone-tomorrow inveterate rate chasers in this case (after all, a 3.3% rate is sure to bring out the ratechasers), or other folks with a history that indicates they are going to use a disproportionate amount of time/resources vs the profits to be generated from them. Certainly what I'd be doing if I ran a business, cultivate those who are worth it and repel those who aren't, and identify that with tech asap. Or maybe it's true that they've just got some bugs, certainly feels like that too.  

I think Bill may have oversimplified things in presuming that exclusions might be based on loyalty. Admittedly, when it comes to business, I have none. As long as they're competitive & have proper business etiquette, the relationship will remain, otherwise, they're terminated, however, an Equifax report will give little away in that regard. I'm the 1 with the money, ergo, the buck stops with me - literally.

A soft credit check will only reveal your employment status, how much credit you have access to, your level of debt & regularity of payments. To a vulture bank, which B2B appears to be, someone retired with lo spending & no debt is worthless if they're playing the short game, which vultures do.

It's all about cash-flow, not how solid you are. I think they want clients with hidden vices they can exploit. You're only an asset to them if you generate direct revenue, otherwise, if you're only lending them money, you're a liability.

Some banks just need to generate lo-cost capital to fund others & make their profits directly & indirectly from both sides, which historically has been the long game, but others need to draw you into paying them more than they pay you - it's a bait & switch of sorts. Those are the vulture banks, which like to pick away at their quarry.

October 18, 2019
9:16 pm
maGIC
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hwyc said

@harbottle When you say 5 days, is it from B2B written somewhere ?

My IIFT deposit is available after 3 business days (while balance goes up day zero)

  • 191011 Fri (pull initiated on B2B HISA)
  • 191014 Mon (Thanksgiving Monday)
  • 191015 Tue (amount withdrawn on linked FI)
  • 191016 Wed (amount not available)
  • 191017 Thu (amount not available)
  • 191018 Fri (amount available on 4th day)

For comparion, EQ will be longer. Funds available on the 6th day.  

Hi, when I did my first transfer request signed in on line, a verification window pops up with the transfer details and a note that the transfer may take up to 5 business days.

October 19, 2019
6:17 am
Inxses
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My first transfer took 3 days to clear as well.

October 19, 2019
5:22 pm
harbottle
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hwyc said

@harbottle When you say 5 days, is it from B2B written somewhere ?

My IIFT deposit is available after 3 business days (while balance goes up day zero)

  • 191011 Fri (pull initiated on B2B HISA)
  • 191014 Mon (Thanksgiving Monday)
  • 191015 Tue (amount withdrawn on linked FI)
  • 191016 Wed (amount not available)
  • 191017 Thu (amount not available)
  • 191018 Fri (amount available on 4th day)

For comparion, EQ will be longer. Funds available on the 6th day.  

@ hwyc

https://ibb.co/7V4Ynpk
As per above image (red-circled), it's up to 5 business days according to B2B's Inter-Institution Funds Transfer Agreement.

From my experience (and yours as it appears), funds have been available after 5 business days which includes the day the transfer posts to the B2B account (or otherwise, 4 business days not including the business day the transfer posts).

I've transferred from all 4 of my linked accounts and it has always been "five" business days (including the day of the transfer of the count of business days). Transfers done on a Friday are available the next Friday as follows:

Friday transfer day - day 1
Mon. - day 2
Tues - day 3
Wed. - day 4
Thurs. - day 5
Fri. - funds available.

[Your example/experience, is pretty well the same as mine except for interpretation of "# of business days" whether it includes the day of transfer.]

October 19, 2019
6:40 pm
Inxses
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Did a small pull ($100) from Tang on Tuesday and the hold was taken off on Friday, it may take longer with larger transfers like most of the FI's.

October 20, 2019
5:05 am
Alexandre
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Alexandre said
No luck for me. Tried just now, got "we are unable to verify your identity" error message.

Repeated steps again, carefully typing in every field (no auto-fill) and double checking what I've entered. Same result.

Will try again in a few days, because it might be generic error message when their servers can't connect to Equifax servers.
If not, will keep my money parked elsewhere.  

Tried again, same error message. Giving up on B2B Bank.

October 21, 2019
6:00 am
Loonie
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I am not interested in being a B2B client at the moment.
However, it seems to me it would be very foolish of them to lower the rate while their technology is still so problematic.
They can't be attracting a lot of customers this way, compared to whatever their target is.
Y'all may be safe for a while yet!

October 21, 2019
6:18 am
wcg66
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I signed up to the forum just to add my experience to the list of complaints against B2B's sign up process. I got the same "can't verify your identity" error as others have received. I have had no issues with other online-only banks such as EQ and Hubert. It would be nice to get in on their interest rate but judging from what I've read here and my own experience, no thanks.

October 23, 2019
7:16 pm
benson
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Why isn't B2B Bank on the HISA Chart?

October 23, 2019
9:19 pm
Peter
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benson said
Why isn't B2B Bank on the HISA Chart?  

I typically give it at least a few weeks for people to post their experiences and have waited longer this time due to all the reported sign-up issues. However, if others believe that it should be added to the chart, then that can be done.

October 23, 2019
10:08 pm
Canadianbull
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Peter said

I typically give it at least a few weeks for people to post their experiences and have waited longer this time due to all the reported sign-up issues. However, if others believe that it should be added to the chart, then that can be done.  

Once more time I tried to open the account but no luck. It was my 15th attempt. I am done with B2B.

October 23, 2019
10:28 pm
Loonie
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There is a link for the B2B offer at the bottom of the HISA comparison page. That seems sufficient to me right now.
I haven't tried as I'm not interested right now, but it seems that most people are having problems with getting an account.

I think it's a flash-in-the-pan thing. Once they get the website working and have enough customers, the rate will likely drop significantly. But for those who do manage to sign up, it could be quite a while before B2B gets to that stage as the tech problem seems quite intractable at the moment

However, if people want to list it, I have no objection.

Please write your comments in the forum.